Target Area Homes

Home Purchase Loans

HOME
This is a 30-year fixed-rate mortgage for borrowers with a total household income below 80% of the area median income. The interest rate is equal to the Freddie Mac 60-day delivery rate, with a minimum interest rate of 5%. The first mortgage is funded by one of our local participating lenders. No mortgage insurance is required. Costs for SNHS required repairs and other renovations may be borrowed as an additional mortgage funded by SNHS at the current rehab program interest rate, provided the total of all mortgages is within appropriate affordability and loan-to-value. The minimum borrower contribution is $1,000. If the applicant’s total household income exceeds 80% of the Area Median Income, go to the Home-Plus program below.

HOME – Plus
This is a 30-year, fixed-rate mortgage program to be used if the applicant’s total household income exceeds 80% of the Area Median Income. The interest rate equals the Freddie Mac 60-day delivery rate with a 5% minimum. The first mortgage is funded by one of our local participating lenders. No mortgage insurance is required. Costs for repairs may be borrowed as an additional mortgage funded by SNHS at the current rehab program interest rate. The required down payment is 5% of the purchase price. A minimum of 2% of the purchase price must be documented as the borrower’s own out-of-pocket funds, and the remaining 3% down-payment may be borrowed or gifted. Maximum loan amount is $225,000.00.